Veeva Systems Inc. $VEEV Shares Acquired by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Veeva Systems by 5.3%, acquiring an additional 53,000 shares, bringing its total ownership to over 1 million shares valued at approximately $244.9 million.
• Veeva Systems reported a quarterly earnings of $1.97 per share, exceeding analysts' expectations, with revenue reaching $759.04 million, a year-over-year increase of 16.7%.
• Analysts are optimistic about Veeva Systems, with 14 analysts rating the stock as "Buy" and target prices ranging between $285 and $329, reflecting a consensus rating of "Moderate Buy."

Northern Trust Corp grew its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,057,186 shares of the technology company's stock after purchasing an additional 53,000 shares during the quarter. Northern Trust Corp owned approximately 0.65% of Veeva Systems worth $244,876,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at about $685,355,000. Nuveen LLC bought a new stake in shares of Veeva Systems during the 1st quarter valued at about $365,684,000. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at about $137,260,000. GAMMA Investing LLC grew its position in shares of Veeva Systems by 26,258.4% during the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock valued at $97,808,000 after buying an additional 420,659 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after buying an additional 315,421 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VEEV. Morgan Stanley boosted their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Citigroup boosted their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Raymond James Financial boosted their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. KeyCorp upped their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, Barclays upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,378 shares of company stock valued at $394,217. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 3.1%

NYSE VEEV traded up $8.75 on Friday, hitting $291.03. The stock had a trading volume of 961,444 shares, compared to its average volume of 1,080,466. Veeva Systems Inc. has a one year low of $196.10 and a one year high of $296.72. The stock has a market cap of $47.56 billion, a price-to-earnings ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95. The company's 50-day moving average is $282.35 and its two-hundred day moving average is $252.59.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.50 EPS. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.